The Supreme Court ruling on the territorial dispute between the cities of Makati and Taguig could jeopardize the construction of the proposed $3.7-billion Makati Intra-City Subway project, according to its proponent.
Philippine Infradev Holdings Inc. said in a disclosure to the stock exchange Wednesday the big-ticket project “may no longer be feasible” because of the alignment issues of the project, as some areas previously within the jurisdiction of Makati were ruled to be within Taguig.
Philippine Infradev Holdings earlier signed a joint venture agreement with Makati.
“Under the joint venture agreement executed between the Makati City government and the company, the depot and a few stations of the Makati City subway system will be in the affected areas. Also, the alignment of the subway will no longer be feasible,” the company said.
Philippine Infradev, owned by businessman Antonio Tiu, plans to develop the Makati subway with the local government of Makati.
The company said given this development, it sent an intent notice to the Makati City government to propose the commencement of discussions in light of the Supreme Court decision.
The SC earlier ruled with finality that Taguig has jurisdiction over Fort Bonifacio and the Embo barangays.
